Miami Lakes Bankrutpcy Lawyer

The Miami Lakes, Florida bankruptcy lawyers at Rodriquez Law, P.L. are here to help if you are tired of receiving phone calls from creditors, tired of struggling under debts you cannot pay, or are looking for a fresh financial start. If you are struggling under the weight of bills you cannot pay, or are facing financial challenges that seem overwhelming, the Miami Lakes, Florida bankruptcy lawyer at Rodriguez Law, P.L. understand. We have helped many clients utilize the bankruptcy  laws to declare bankruptcy and get a fresh start.

Chapter 7 or Chapter 13 bankruptcy can offer you and your family a way to start over. Every financial situation is unique and bankruptcy may not be the right option for everyone, but a Miami Lakes, Florida bankruptcy lawyer at Rodriquez Law, P.L. is here to help you every step of the way. We can review your debts, your financial situation, and offer guidance on the next steps and the best bankruptcy option for you. Take control of your financial life. Contact a Miami Lakes, Florida bankruptcy lawyer at Rodriquez Law, P.L.

The Benefits of Bankruptcy

Bankruptcy can put an end to debt collection calls and harassment from debt collectors. Bankruptcy may help you clear your debt. The good news is that you do not need to lose all your assets if you file for bankruptcy. Certain assets are protected during bankruptcy and if you own a home, Chapter 7 may help you eliminate debts while protecting your primary home. If you don’t have many assets or have a few lower-valued assets, like an older car you use to get around town, there’s a good chance you can file for bankruptcy without losing any of your assets. On the other hand, if you have a business or unprotectable assets, Chapter 13 bankruptcy may help you restructure your debts so that you can keep your home while getting out from under the burden of unmanageable debt.

If your credit score is already suffering because you are struggling with late payments, unpaid debts, or if your debt-to-income ratio is high and you cannot afford the debt you are currently facing, bankruptcy may be an option for you. Many people who find themselves facing bankruptcy got into debt through no fault of their own. For example, medical debt is one of the leading causes of bankruptcy. Inflation, which has increased the cost of living, while wages have not kept up, is another reason why people find themselves struggling under the weight of debt they cannot pay.

If you are unsure whether bankruptcy is the right choice for you, reach out to a Miami Lakes, Florida bankruptcy lawyer at Rodriquez Law, P.L. An attorney at Rodriguez Law, P.L. can take a look at your financial situation and debts and offer guidance on the next steps. For many of our clients, bankruptcy is a way out, a way to start over.

The Downsides of Bankruptcy

If your credit score is already suffering because you are facing unmanageable debt, or if you are fearful you won’t be able to keep up with your mortgage payments because of credit card debt or medical debt, bankruptcy might be the choice for you. But bankruptcy isn’t for everyone. Bankruptcy may significantly impact your credit score. If you plan to make a major purchase like buy a home or a car anytime soon, bankruptcy may not be the option for you. Soon after filing for Bankruptcy, a person may obtain credit but at an increased costs. People who have a bankruptcy on their record may pay higher interest rates than those who do not have a bankruptcy on their record.

Even so, most people facing bankruptcy are already losing points on their credit scores due to nonpayment or late payment of debts. If your credit is already suffering or will suffer in the future due to unmanageability of your debts, your credit score in the long-term may potentially benefit from bankruptcy. Getting a fresh start could mean the difference between finding yourself in a deeper hole or getting a second chance to rebuild your credit and your financial life.

If you are not sure whether bankruptcy is the right choice for you, reach out to a bankruptcy lawyer in Miami Lakes, Florida at Rodriquez Law, P.L. A lawyer can help you understand the benefits and drawbacks of filing for bankruptcy and better understand the unique consequences you might face when you file for bankruptcy. Every person’s financial situation is unique. Contact a Miami Lakes, Florida bankruptcy lawyer at Rodriquez Law, P.L today to learn more.

Chapter 7 vs. Chapter 13 Bankruptcy in Miami Lakes, Florida

The main difference between Chapter 7 and Chapter 13 bankruptcy is that Chapter 7 bankruptcy is consider a liquidation of assets whereas in a Chapter 13 you keep all assets but are required to enter into a payment plan for a portion or all of your debts. Both chapter 7 and 13 may completely clears all your unsecured debts such as credit cards, loans and medical bills when you file. For you to understand the difference between Chapter 7 and 13, you must first understand to concept of “liquidation of assets”. In a Chapter 7 Bankruptcy, debtors or people who file for Chapter 7 Bankruptcy can only protect certain assets recognized as “exempted assets” such as, for instance, your homestead and 401k may be exempt assets. If a person or couple have assets that cannot be protected in a Chapter 7, filing for Chapter 13 Bankruptcy may be a better option.  In Chapter 13 Bankruptcy, you can general keep all assets but you will be required to pay part or all of your unsecured debts by means of a payment plan that lasts typically from three years to five years. Generally, both Chapter 7 and 13 bankruptcy  allow you to discharge unsecured debts, like credit cards, medical bills, and personal loans..

If you aren’t sure which type of bankruptcy is right for you, you may want to reach out to the Miami Lakes, Florida bankruptcy lawyer at Rodriquez Law, P.L. We can review your situation, help you choose the best option for you, and help you navigate every step of the bankruptcy process. If you have questions, reach out to the bankruptcy lawyers in Miami Lakes, Florida at Rodriquez Law, P.L.

Contact a Miami Lakes, Florida Bankruptcy Lawyer

If you are facing stressful calls from debt collectors or are falling behind in debt, you are not alone. The Miami Lakes, Florida bankruptcy lawyers at Rodriquez Law, P.L. are here to help. Contact us today to learn more about how we can help you escape the burden of debt